Social media darling and Tesla CEO Elon Musk has been charged with fraud by the Securities and Exchange Commission (SEC) for a series of tweets in which he announced "Am considering taking Tesla private at $420. Funding secured." He later said that he was in talks with the Saudis to fund a bid to go private. They have accused him of picking the $420 stock price as a marijuana reference to amuse his girlfriend, making "false and misleading" statements, and a failure to notify regulators of material company events. They also allege that the affable CEO didn't notify Tesla executives as texts from higher ups in the company showed complete and utter surprise at Musk's announcement. The lawsuit can be read here. "A chairman and CEO of a public company has important responsibilities to shareholders," Stephanie Avakian, co-director of the SEC's division of enforcement, said during the press conference. "Those responsibilities include the need to be scrupulous and careful about the truth and accuracy of statements made to the investing public, whether those statements are made in traditional forms such as a press release or an earnings call or through less formal methods such as Twitter or other social media." "Neither celebrity status, nor reputation as a technological innovator provide an exemption from the federal securities laws," she said.